Discounted Cash Flow (DCF) Analysis Unlevered

Hindustan Oil Exploration Company L... (HINDOILEXP.NS)

130.1 ₹

-0.80 (-0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: -3,653.78 | 130.1 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 487.132,651.412,020.551,138.651,557.253,167.536,442.9213,105.2226,656.6954,221.07
Revenue (%)
EBITDA 470.122,023.471,720.47809.83521.052,296.814,671.849,502.7619,329.1039,316.37
EBITDA (%)
EBIT 385.431,585.391,426.61576.17258.911,753.233,566.177,253.7614,754.5230,011.46
EBIT (%)
Depreciation 84.69438.08293.86233.65262.15543.581,105.672,2494,574.579,304.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 1,349.551,473.881,710.80922.671,052.723,585.237,292.5514,833.4130,171.9261,371.23
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 282.75278.29265.87360.96309.84844.441,717.633,493.747,106.4514,454.89
Inventories (%)
Accounts Payable 180.69162.76658.86362.39379.20836.331,701.133,460.197,038.2114,316.08
Accounts Payable (%)
Capital Expenditure -567.30-1,183.19-3,029.56-2,066.15-2,659.96-4,201.98-8,547.05-17,385.13-35,362.24-71,928.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 130.1
Beta 1.057
Diluted Shares Outstanding 132.41
Cost of Debt
Tax Rate -1.57
After-tax Cost of Debt 1.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.504
Total Debt 3,573.43
Total Equity 17,226.36
Total Capital 20,799.79
Debt Weighting 17.18
Equity Weighting 82.82
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 487.132,651.412,020.551,138.651,557.253,167.536,442.9213,105.2226,656.6954,221.07
EBITDA 470.122,023.471,720.47809.83521.052,296.814,671.849,502.7619,329.1039,316.37
EBIT 385.431,585.391,426.61576.17258.911,753.233,566.177,253.7614,754.5230,011.46
Tax Rate 0.00%0.08%-0.19%-3.08%-1.57%-0.95%-0.95%-0.95%-0.95%-0.95%
EBIAT 385.431,584.121,429.28593.90262.971,769.903,600.077,322.7314,894.8130,296.81
Depreciation 84.69438.08293.86233.65262.15543.581,105.672,2494,574.579,304.91
Accounts Receivable ----------
Inventories -4.4612.41-95.0851.11-534.59-873.19-1,776.12-3,612.71-7,348.44
Accounts Payable --17.92496.09-296.4716.82457.13864.811,759.063,578.027,277.87
Capital Expenditure -567.30-1,183.19-3,029.56-2,066.15-2,659.96-4,201.98-8,547.05-17,385.13-35,362.24-71,928.60
UFCF -97.18825.55-797.91-1,630.15-2,066.92-1,965.96-3,849.68-7,830.46-15,927.55-32,397.44
WACC
PV UFCF -1,831.53-3,341.20-6,331.44-11,997.82-22,735.41
SUM PV UFCF -46,237.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.34
Free cash flow (t + 1) -33,045.39
Terminal Value -618,827.50
Present Value of Terminal Value -434,271.82

Intrinsic Value

Enterprise Value -480,509.21
Net Debt 3,282.21
Equity Value -483,791.43
Shares Outstanding 132.41
Equity Value Per Share -3,653.78